Generally, parking facilities employ token-based systems to conduct parking transactions. Token-based systems are often inconvenient, requiring customers to obtain a token upon entry, safeguard it until they wish to exit, and then present the token to a kiosk or parking attendant before leaving. Thus, the parking token is the key to the operation of such parking facilities. Parking tokens are usually small slips of paper that can be easily lost, which can cause several problems for the customer. An individual attempting to retrieve his car without a token usually has to pay a fine before leaving. If the garage operates on an hourly billing basis, the individual may have to pay for the maximum billable amount, regardless of the actual length of his stay. Additionally, the payment process in token-based systems can be troublesome. Payment is typically handled at the exit gate, requiring the customer to provide payment to an attendant or kiosk. This payment process is inefficient, requiring each customer to conduct a conventional transaction in order to exit. Long exit lines can develop if the parking facility experiences a sudden increase in exit transactions. Other parking systems require customers to pay at a kiosk or attendant counter before retrieving their vehicles. After paying, the customer receives the token again, only to present it once more at a parking gate to be permitted to exit. What is needed is a more efficient system and method for conducting parking transactions.